At the end of 2020 and the beginning of 2021, crypto exchanges crackdown on privacy coins. This resulted in Monero, Zcash, Dash, and others being de-listed from these platforms. Regulators from around the world exerted pressure on these entities to “reduce the risk” and “protect” consumers from the alleged dangers of these cryptocurrencies.
This is the usual argument wield by institutions and government agencies, protection, order, crime-fighting. Users’ access to tools that protect their identity and financial information has been limited. Regulators purposely omit that privacy is a fundamental human right.
Despite their protecting measures, governments and private companies use their citizens’ and consumers’ data for their interest, surveillance, or profit and rarely give them a choice. People are aware of this issue. Thus, the demand for privacy has led to the rise of encrypted messaging apps such as Signals and privacy coins continue to thrive.
The BlackHat Coin (BLKC) Project, launched in April 2021 by a community-driven and self-funded initiative, is one of the solutions created to meet users’ demand for privacy. This project seeks to return control and power to the users with a privacy coin running on a stable, decentralized, and resilient node infrastructure.
BlackHat Coin Features And Benefit, Stake With Privacy?
Deployed on zk-SNARK Sapling protocol developed by the Electric Coin Company, the company behind Zcash, BlackHat Coin leverages untraceable transactions with zero-knowledge proof and a user-friendly approach designed to increase adoption. This privacy coin uses a Proof-Of-Stake (PoS) consensus algorithm and has a limited supply of 21 million BLKC with 1 million premine.
Unlike Bitcoin and other privacy coins, the PoS algorithm allows BlackHat Coin to have its strengths without limitations. This project is more energy-efficient, and users don’t require expensive equipment to participate in its network.
Thus, it offers a secure and anonymous payment system with the possibility to earn rewards simply by running a personal wallet with BLKC. A home computer, laptop, or even an ARM-based microcomputer is more than sufficient to participate, receive the rewards, and bring more security to the network.
Another unique feature with BlackHat Coin is the possibility to stake funds and receive additional rewards. This process uses a hot and cold staking mechanism that allows users to be rewarded by delegating their funds without losing control over their coins.
On top of the zk-SNARK Sapling protocol, BlackHat Coin has a second layer of network security formed by masternodes. These entities provide the network with more security and enable transactions to have more validation. Users that run their own masternode can participate in the decentralized governance model via a voting process.
Operating with the same level of privacy as the network, the BlackHat Coin governance model allows users to submit and vote for proposals. The result of the voting will determine if a proposal receives community and financial support. The proposal is funded by the BlackHat Community treasury and contributes to the network’s self-sustainability and future development.
2021 could be a year that brings more eyes into the crypto industry. Demand for solutions like BlackHat Coin will most likely continue to rise and positively impact its price, as more users make their way into the network.
Fortunately, regulators and government agencies will be unable to breach BLKC holders’ rights. In addition to its consensus and infrastructure benefits, this coin’s transaction history cannot be traced, and its supply cannot be analyzed to identify users.
When it comes to privacy and self-security, there can’t be a middle ground. Your information, data, and identity are either safe or compromised. BlackHat Coin prevents the latter as it moves towards a future where BLKC can be easier to apply in the everyday life and support an ecosystem where users can feel safe.